A range of new buy to let products have been integrated into the mortgage market in a bid to encourage the purchase of buy to let investment property.
Both Keystone Property Finance and Barclays have recently expanded their buy to let range. Keystone has launched a new three-year fixed rate buy to let mortgage prpduct at 3.67 per cent to 65 per cent LTV. It marks the lowest priced product in Keystone’s classic range, and is being offered to landlords regardless of whether they choose to personally invest or via a limited company.
Furthermore, Keystone does not impose an upper age limit to qualify for finance, with its criteria stretching to borrowers up to 85 years at the end of the mortgage term.
Meanwhile, Barclays has upped its maximum loan size on 75 per cent LTV products to £1 million. A £250 cashback option will replace the free legal option on the Switch and Save package.
New to the purchase and remortgage buy to let range are a 1.99 per cent three-year fix at 60 per cent LTV with a £1,950 fee, as well as a 2.59 per cent three-year fix at 60 per cent LTV with zero fees.
The BTL reward package also now includes a 1.99 per cent three-year fix at 65 per cent LTV with a £1,800 fee, as well as a 2.58 per cent three-year fix at 65 per cent LTV with no fee.
David Whittaker, CEO of Keystone, commented on his products: ‘The rate is available on standard buy-to-let property to landlords with slightly larger deposits who are looking to borrow between £50k and £750k. It sits nicely beside our other three year fixed rates, each of which are targeted at landlords with specific needs. For example, we have a three-year fixed rate at 4.29 per cent designed for HMOs with up to eight bedrooms and multi-units with up to 10 flats. We also have options for landlords with higher LTV requirements.’